I would like to thank SingleGuyMoney for his post on TrueCredit. TrueCredit basically gives you access to all 3 credit reports and all 3 credit scores. They also have other cool features like debt-to-income analysis, available credit, and so on. If you go straight to their site the service is $14.95 a month. But if you go through Walmart Financial Services you can get the same service for $11.21 a month. For $11.21 a month I can monitor my credit report and scores. I think thats a great trade off.
*deep breath*
I have a confession to make. I have not been on my credit debt reduction game like I should be. I mean I paid down $3000 of it late February when I first began. But I seem to have added an additional $1500 since March. And I can't even tell yall where all that money came from. I have no clue.............well I have a clue but not any one thing I can put my finger on. UGH!! I am so frustrated with myself. I am starting to repeat exactly what I did a year ago.
Last year in May I went to my credit union and applied for a personal loan. I had a lil under $10,000 of credit card debt and I wanted to pay it off with a personal loan. Reason being that I would have a lower interest rate on the loan compared to the 25% or higher APR on my cards. This would allow me to save a lot of money over the course of my repayment and a personal loan didn't affect your credit report or score as much as credit card debt. I got approved for the loan (16% APR) and paid off every single credit card. Then I went and cut up my cards so I wouldn't have access to them. You would think that would be the end of it right? Wrong! Oh so very wrong! Guess what you don't need when shopping online?? A physical credit card. Like I said before, I have an awesome memory when it comes to numbers. And I had memorized bout 5 credit card numbers of the 12 plus I had. Needless to say I racked up $8000 in debt by that following December. So now I had a $10,000 personal loan and $8000 in credit card debt. I can see yall shaking yall heads right now........*sigh*.
All I can say is that after 5 years of being a broke single mother/college student I got thrown into a situation where I felt like I needed to "look" the part in order to fit in. I was trying to "keep up with the Joneses" as they say. I was stupid when it came to my finances and I am paying dearly for that stupidity now. I can not and WILL not be in debt for the rest of my life. I am going to have to take another look at the credit card debt payoff plan that I have right now and probably revamp it.......a lot. I need to be more aggressive in my debt elimination as I am in my savings.
Even though I want to enjoy myself and live comfortably I may have to cut back on that spending account that I have and redirect majority of that extra money to my debt. I would rather sacrifice for a year and be debt free. I will still have a lil to spend for myself but only on important things like hair care and gym membership (they are important to me anyways...lol).
Whew! That's enough confessions for one day. :-D
*deep breath*
I have a confession to make. I have not been on my credit debt reduction game like I should be. I mean I paid down $3000 of it late February when I first began. But I seem to have added an additional $1500 since March. And I can't even tell yall where all that money came from. I have no clue.............well I have a clue but not any one thing I can put my finger on. UGH!! I am so frustrated with myself. I am starting to repeat exactly what I did a year ago.
Last year in May I went to my credit union and applied for a personal loan. I had a lil under $10,000 of credit card debt and I wanted to pay it off with a personal loan. Reason being that I would have a lower interest rate on the loan compared to the 25% or higher APR on my cards. This would allow me to save a lot of money over the course of my repayment and a personal loan didn't affect your credit report or score as much as credit card debt. I got approved for the loan (16% APR) and paid off every single credit card. Then I went and cut up my cards so I wouldn't have access to them. You would think that would be the end of it right? Wrong! Oh so very wrong! Guess what you don't need when shopping online?? A physical credit card. Like I said before, I have an awesome memory when it comes to numbers. And I had memorized bout 5 credit card numbers of the 12 plus I had. Needless to say I racked up $8000 in debt by that following December. So now I had a $10,000 personal loan and $8000 in credit card debt. I can see yall shaking yall heads right now........*sigh*.
All I can say is that after 5 years of being a broke single mother/college student I got thrown into a situation where I felt like I needed to "look" the part in order to fit in. I was trying to "keep up with the Joneses" as they say. I was stupid when it came to my finances and I am paying dearly for that stupidity now. I can not and WILL not be in debt for the rest of my life. I am going to have to take another look at the credit card debt payoff plan that I have right now and probably revamp it.......a lot. I need to be more aggressive in my debt elimination as I am in my savings.
Even though I want to enjoy myself and live comfortably I may have to cut back on that spending account that I have and redirect majority of that extra money to my debt. I would rather sacrifice for a year and be debt free. I will still have a lil to spend for myself but only on important things like hair care and gym membership (they are important to me anyways...lol).
Whew! That's enough confessions for one day. :-D
Comments
Thanks girl. I can't believe I let it happen either. But we live and we learn and we continue.
@ rad
Tis the season to confess. LOL. We gotta keep the hustle up and keep going for the gold. We got sweet pea and mcnugget to think of. :-D
D.C.
P.S. Thanks for the shoutout!
I feel you on that. It will be hard but well worth it in the end. You can do it. I can't wait to be free of this mess. Then I can work on just enjoying life.
@ SingleGuyMoney
Reality whooped my tail today. Whooped it good.
@ Single Ma
Developing a plan at this very moment. Now the underlying cause? I gotta look more into that. I think I have a finger on what it is but I am not a 100% sure. I'll figure it out tho. And once I do maybe I can reign in my spending madness.